-
The executive said inflation isn’t completely gone but is now “more understood”. -
State regulators have largely avoided enforceable AI regs, but bad news could change that.
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The reserve strengthening stemmed from bodily injury and defense costs for accident years 2023 and prior.
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Slide does expect a “meaningful” amount of takeouts for this month and next.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The company is also prepared for potential M&A activity.
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The insurer reached highs of over 1.4 million policies in September 2023.
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Fears of the oncoming soft market are causing a sector rotation away from P&C.
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Both the primary and reinsurance segments benefitted from a light cat year.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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The FIO said it will work with regulators on coverage for digital assets.
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The CEO said the carrier is seeing sequential PIF growth in several states.
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Sources said that the transaction valued the Californian auto F&I business at over $1bn.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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The regulations are designed to address long-term solvency concerns.
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The LA fires were a microcosm of “everything we do well when things go bad”.
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Opportunities for growth remain in small and medium commercial accounts.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The executive’s exit follows CEO Joseph Lacher’s resignation last week.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The bill includes provisions to encourage retrofitting homes in high-risk areas.
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The company sees itself in a “very strong position” in the state.
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September’s medical care index increase follows a 0.2% drop in August.
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By line of business, $35mn of the charge relates to commercial auto and $5mn to personal auto.
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A former NOAA climatologist who left the agency is running the new operation.
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Cat losses in Q3 were light as peak hurricane season passes without incident.
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A quiet wind season is also expected to further soften the property market.
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Early Q3 earnings reports point to worsening market conditions.
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SageSure’s recent M&A in Florida was driven by being selective with policies and smart about claims costs.
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Critics claim the dispute system denies consumers' key legal rights.
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The selloff may hint at headwinds for equity investors.
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The firm also expects to increase share repurchases in Q4 to roughly $1.3bn.
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The tech subsidiary applied to list its common stock on the New York Stock Exchange under the ticker symbol “XZO”.
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Dale Krupowicz was also named head of operations for the segment.
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The insurer booked a $950mn policyholder credit expense in September.
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State Farm is under investigation as its premiums have been rising “drastically".
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Joseph Lacher will step down as president and CEO and resign from the board.
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Activists from the left and the right are focusing on insurance, often on the same issues.
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Though wildfire losses are up, total losses are the lowest since 2015.
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A US district judge ruled a delay could put human life and property at risk.
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The governor has yet to sign a pending bill to create a public cat model.
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Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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The charges allege “egregious delays” and “unreasonable denials” in claims.
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The broker will now have access to an M&A war chest for inorganic growth.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The request cites use of Verisk’s forward-looking wildfire model.
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New home sales could be impacted by a prolonged stalemate.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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Proceeds will be used to pay off debt maturing at the end of the year and to support new market growth.
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The business has been ~70% owned by White Mountains since January 2024.
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The promotions are part of the carrier's strategy to increase property-liability market share.
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Industry stocks were firmly behind the S&P 500 in Q3.
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Neptune’s stock price jumped 25% on the first day of trading.
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Superintendent Harris is stepping down this month after four years of service.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The jump in the latest estimate could be due to damage to seasonal properties only being recently discovered.
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The NHC also warned that a hurricane watch could be required in Bermuda as early as Monday afternoon.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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California’s insurance regulator has Fair Plan depopulation, cat models on his mind.
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Sources said momentum around resiliency laws is growing at the state and local level.
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Economic volatility, including from tariffs and rising interest rates, is reshaping risk profiles for specialty insurers.
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Sources said that the carrier’s listing is expected to raise around ~$100mn.
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The proposed changes aim to establish clear guidelines for intervenors.
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Cat losses in August were below historical trends, but we are not in the clear just yet.
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The measures also seek to encourage greater wildfire mitigation efforts.
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While the Fed is more concerned with jobs, other macroeconomic concerns trouble the industry.
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The specialty MGA said it didn’t experience direct losses from the LA wildfires.
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
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A report by the ratings agency challenges current industry wisdom.
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The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
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Models anticipate a busier second half, particularly in the next few weeks.
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The wildfire MGA is expecting to write higher value homes soon and may expand into new states.
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The fundraising round brought in $50mn for the insurer.
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The carrier notified California regulators that it would stop renewing plans starting last month.
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The ratings outlook has also been revised to stable from negative.
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The company generated $71.4mn in revenue for H1 2025.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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P&C stocks recovered faster than the S&P 500 following a late July dip, but a gap remains.
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The PE-backed MGA has Morgan Stanley, Bank of America and JPMorgan advising.
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The rest of 2025 appears poised to remain favorable for insureds, however.
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California, Florida and Texas all saw decreases in monthly premium growth.
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The data modeling firm said losses previously averaged $132bn annually.
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The violations included not using properly appointed adjusters and failing to pay claims.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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The group claims the White House is undermining disaster preparedness.
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Cat losses in July were below historical trends, but all eyes are on peak hurricane season.
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Storm surge of two to four feet could affect the North Carolina coast.
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Full-stack carriers fail to outclass incumbents with no clear platform differentiation.
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The program is aimed at affluent homes valued between $1mn and $6mn.
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Life-threatening surf and rip currents are expected on the east coast of the US.
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This is the first rate filing to use the recently approved Verisk model.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Despite mild headline CPI, some insurance-related items are heading in a worrying direction.
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Profitability improves, even as growth stagnates.
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The insurer said it expects to begin writing business by the end of the month.
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The company plans to launch in New York and New Jersey next year.
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The Insurance Insider US news team runs you through the earnings results for the day.
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July’s medical care increase was up from June’s o.6%.
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Floir has greenlit at least 14 new companies for operation in Florida in the last few years, contributing to the competition.
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The Insurance Insider US news team runs you through the earnings results for the day.
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A shift to back to the admitted property space and MGAs choosing ignorance are other possible scenarios.
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As the fires spread, the priority shifted from saving structures to saving lives.
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Insurers did not see a slowdown in rate but some are still fine-tuning their portfolios following the LA fires.
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Despite being hailed as an asset, executives said the current situation is not ideal for either valuation or competitive purposes.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Auto, umbrella and excess lines recorded mid-double-digit rate increases in Q2.
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Its partnership channel grew three times in new writings year-over-year.
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Rates continue to fall across the state but are firmer in the southeast region.
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Q2 cat losses at AIG declined to $170mn from $330mn in the prior year quarter.
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The carrier sees opportunities to grow in New York, the mid-Atlantic and Florida.
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CEO Rick McCathron also said the company is seeking to diversify its portfolio.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The gross loss ratio for the homeowners InsurTech fell by 12 points last quarter.
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The company reduced its proportional quota share program from 55% to 20% cession.
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The company also purchased $15mn of SCS parametric coverage.
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The Insurance Insider US news team runs you through the earnings results for the day.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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The S&P 500 outperforms as P&C tumbles on mixed earnings.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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On Q2 calls, carrier executives called out fierce competition in various lines of business, and a misalignment of interest.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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CEO Roche said that “significant price increases” are still to come, however.
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This follows last month’s takeout of 12,000 Citizens policies.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Roughly half a year since the LA fires, brokers said there’s hope things are turning around.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The broker posted a 6.5% drop in organic growth YoY.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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Insurers can offer features the beleaguered fund can’t, the MGA said.
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This brings the carrier’s total limit on the program to $1.8bn.
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Smaller accounts remain less affected by an influx of MGAs.
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The Insurance Insider US news team runs you through the earnings results for the day.
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As the US recovers from a major flood event, the vast majority of Americans remain uninsured.
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The company adjusts its rate options to expand California business under the new cat model.
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At least 14 new companies have opened up shop in the state in recent years.
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As the IPO window opened, American Integrity, Slide, Ategrity and others followed Aspen.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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The automaker’s insurance arm wrote over $300mn in premium last year.
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Hagerty Re will now assume 100% of the premium and 100% of the risk.
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The executive said the claims industry is going to “be transformed”.
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Softer market conditions are likely to create a wave of consolidation favoring large brokers.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Weatherbys Hamilton provides private client, bloodstock and farm coverage.
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Litigation seeks to block insurers from passing assessment costs to consumers.
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The research team presents the June cat heatmap.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The PE-backed MGA lined up Morgan Stanley, JP Morgan and Bank of America to advise.
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Rising inflation could raise claims severity but also increase investment income.
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The industry veteran has been in personal lines HNW for more than four decades.
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The Floridian has been approved to potentially assume 81,000 policies total.
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The class can collectively challenge State Farm’s property claims calculations.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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The suit claims billions of dollars are being illegally withheld.
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Rate gains are easing across many commercial and personal lines.
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The executive had been Stone Point’s representative on Higginbotham’s board.
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Top companies eliminated or heavily modified language related to DEI this year, analysis shows.
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The US accounted for 92% of all global insured losses for the period.
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June’s increase was up from May’s 0.2%.
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State legislation has led to major strides in rate adequacy.
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Social inflation, reserving, and organic growth are the topics to watch this earnings season.
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Category 4 and 5 storms could become more common and hit further north.
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While official return to office mandates have gathered steam, what they look like in practice can vary widely.
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Nominee Neil Jacobs was warned cuts will cause ‘rising home insurance rates’.
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Despite predicting fewer hurricanes, the numbers are still above average.
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This is up from the $300mn in capacity the MGA secured in 2024.
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When it comes to sympathetic juries, high net worth individuals are under the same pressure as corporations.
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The floods have killed at least 81 people, with dozens more missing.
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The January wildfires did little to hamper their appetite, apart from California.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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Litigation costs continue to weigh on long-tail lines, but effects of tort reform are visible.
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The transition will be implemented starting October 15.
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The company said the reduction was due to years of steady improvements.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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There are now 14 new companies writing homeowners’ policies in the state.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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The insurer intends to take on up to 81,040 policies this year.
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Additional buybacks are more feasible if P&C stocks slip and pricing moderates.
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Much was learned after the fires, but it could take years before that data influences models.
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The research team presents the May cat heatmap.
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In The Car offers embedded auto insurance by integrating policies into dealership management systems.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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The Pennsylvania-based insurer experienced a 10-day network outage this month.
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The regulatory body is also looking at AI rulemaking and catastrophe resiliency.
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The Florida homeowners’ InsurTech went public today at $17 per share.
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Slide will also expand its footprint to New York and New Jersey towards the end of the year.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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Tariffs could drive up property loss costs, but the impact on other items has been muted.
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The carrier is pricing shares at the upper end of the range announced this month.
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The insurer first noticed “unusual network activity” on June 7.
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Florida regulators have also approved takeouts for Mangrove and Slide.
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Fallon will retire in January 2026 after 30 years at the company.
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This is up from last year’s $1bn protection for its Florida treaty.
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The pair joined MMA after the $7.75bn purchase of McGriff in November.
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An active hurricane season threatens to weigh on hard-fought capital and underwriting margins.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Van Bakel said that AI can help triage thousands of disaster claims.
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Lara approved an interim rate increase for the company just weeks ago.
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GCP retains a controlling interest in the Californian retail brokerage.
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Hippo will also provide capacity for existing and future MSI programs.
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The medical care index numbers were below April’s 0.5% rise.
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The regulator said further measures could still be passed in this session.
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The executive has been with the firm for close to 15 years.
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The Floridian is the third insurance company to go public in 2025.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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White Mountains invested $150mn in the retail platform earlier this year.
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The offering comes after Acrisure’s $2.1bn convertible pref share raise.
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Estimates on what a cat five in downtown Miami could cost vary, but it would be painful for reinsurers.
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Insurers have termed the Democrat-backed legislation “flawed”.
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DUAEs are increasingly leveraging specialized expertise to address underserved risk.
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HCI secured three towers with $3.5bn in XoL coverage.
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The program includes all perils coverage and subsequent event protection.
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A week ago, this publication revealed that Slide was pressing ahead with its IPO plans with an S-1 filing.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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The collective CoR of 45 Floridians hit 93.1% in 2024
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Acrisure recently raised $2.1bn from investors in its latest step towards an IPO.
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The deal leaves premier surety as Travelers' sole Canadian portfolio.
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The once niche product is generating interest in a growing number of industries and sectors.
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One measure could give regulators greater leeway to deny rate requests.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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This publication reported earlier today that the S-1 filing was imminent.
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TSR previously predicted activity slightly below the 1995-2024 average.
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The company seeks the full 30% homeowners’ rate request it made last June.
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This publication reported earlier this year that the carrier is targeting a $250mn-$350mn raise.
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A historic cat loss year remains a possibility as storm losses accumulate.
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The agency forecasts up to five major hurricanes and 19 named storms.
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Wildfires resulted in heavy losses for insurers focused on HNW, personal lines and reinsurance.
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The sale process was first reported by this publication three months ago.
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"Smoke damage is real damage," Commissioner Lara said.
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The assumption date for the combined 16,250 policies is August 19.
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Tornadoes have killed at least 32 people in three states.
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He will lead AIG’s business across Latin America and the Caribbean.
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Two wind and hail events were responsible for 60% of the total.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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Litigation funding is a frequent bogeyman for the insurance industry. The feeling isn’t mutual.
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State Farm will need to provide its CA subsidiary with a $400mn surplus note.
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The medical CPI is up 3.1% for the last 12 months.
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The Tampa-based insurer says it will use the capital for general corporate purposes.
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Broadstreet announced the most deals, followed by Hub and Gallagher.
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Growth and returns on equity fall, but most of the industry is still profitable.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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The total cost for the program increased 1.8% from last year’s.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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Shares were down as much as 20% after Hippo posted a $48mn loss.
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Hits to personal auto, workers’ compensation led to a drop in NWP.
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The initial offering includes 6,875,000 shares of common stock.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The offering launched last week with a valuation between $103mn and $116.8mn.
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California homeowners are also expected to move admitted business to E&S.
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During first quarter earnings calls, insurers argued that they can mitigate volatility.
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The insurer has not decided whether to sell its Eaton subrogation rights.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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The conglomerate’s insurance subsidiaries will have to make do without some of their prior strategic advantages.
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The platform will focus on acquiring MGAS across lines of coverage.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.
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The primary and reinsurance unit CoRs were 103.1% and 98.7%, respectively.
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Insurers haven’t announced concrete steps – yet.
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The Canadian conglomerate’s total cat losses in Q1 reached $781mn, including $692.1mn from the fires.
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The standard market has not ‘meaningfully’ impacted the rate of flow in the aggregate.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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Planning for the carrier was halted in January due to the CEO’s health issues.
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The impact could also raise home-building costs by $10,000 per unit.
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The company is also pursuing “deconcentration” to lower SCS exposure.
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But automotive repair costs are likely to increase faster than home repair.
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The LA fires and spring storms drove CinFin's CoR up 19.7 points to 113.3%.
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The LA wildfires, however, will be the firm’s largest event to date.
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The executive was most recently at Oliver Wyman after joining from AIG last year.
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The initial offering will include 6,875,000 shares of common stock.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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The Floridian is expecting to have around 40,000 policies in force by year-end.
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The Lone Star State has seen rapidly increasing rates in recent years.
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MGA growth is still strong but has passed its 2022 peak.
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A first-of-its-kind resolution adopted this week says subrogation can reduce insurance costs.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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The Hartford’s Q1 CoR increased 4.1 points to 96.9% driven by cat losses.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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CEO Marchioni said the overall hit would likely be “in the low single digits”.
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Severe weather in March drove monthly and Q1 losses to historic highs.
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The executive will define strategic priorities and guide global growth.
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The carrier forecasts stable profits, but tariffs are creating “high uncertainty”.
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Imported goods account for 30%-50%+ of materials used for HNW homes, versus 15%-25% in standard houses.
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The sale price represents Elephant’s approximate net asset value.
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The business will divide into US wholesale and specialty, and programmes and solutions.
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The law imposes limits on third-party litigation funding, among other changes.
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The BRIC program helped fund local resiliency programs, which can reduce loss costs.
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The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.
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Howard and Moore were among a group to receive letters over links to prior insurance insolvencies.
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In operation since 1991, Pearl represents Ocean Harbor and Equity insurance companies.
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The suit seeks to block insurers from passing through assessment costs.
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The insurer achieved an 86.4% acceptance rate of the policies selected.
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The release followed the filing of an updated Plan of Operation.
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The Floridian company applied to be traded on the NYSE.
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Economic unease will join cat losses, renewals, and organic growth as Q1’s key topics.
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The suit alleges a “deliberate scheme” to deny smoke damage claims.
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The broker adds a new EVP and new president to its benefits practice.
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The investment recovery will be welcome but Chinese tariffs will contribute to loss-cost inflation.
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The counties make up for the majority of the state’s high net worth market, sources said.
-
The medical CPI is up 3% for the last 12 months.
-
The announcement spurred a quick spike in stock market valuations.
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The coverage will only be available in Illinois and Michigan at first.
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The book of business comprises both personal and commercial lines.
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Trade credit and marine are among the lines facing direct impacts amid a broader inflationary challenge.
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The package comprises a $100mn cat bond and a $70mn sidecar.
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P&C has strengths that will help it survive this crisis, but not without some pain.
-
The 12 insurers together have $418mn in policyholder surplus.
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Colorado State University is predicting 17 named storms, nine hurricanes and four major hurricanes.
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The executive will continue to lead personal lines and core commercial.
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Universal submitted allegedly ineligible claims to the Florida fund.
-
In February, the company announced it received regulatory approval for the deal.
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The bill being considered would effectively eliminate personal injury protection.
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The carrier has received 12,300 claims as of 28 March.
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Both bills are now on Governor Kemp’s desk awaiting signatures.
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RBC reports can help regulators identify weakly capitalized companies.
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The decision is the first of its kind under the new Trump administration.
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The insurer has lined up Piper Sandler and KBW to run the process.
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The bill also creates a governing board comprising insurance and consumer reps.
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Cat losses last month were lighter than historical trends, but all eyes are on Q1 figures.
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Inflation, tariffs and climate change are all making for an uncertain 2025.
-
ShoreOne is offering an all-in-one policy that includes flood protection.
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The commissioner is eyeing transparency in billing, comparative fault and non-economic damages changes.
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Surplus lines are still strong, but not the standout they used to be.
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Mangrove can take out up to 81,040 polices while Slide’s limit is 15,000.
-
Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
-
A quick roundup of our best journalism for the week.
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The Democratic senator said increased federal oversight of insurance is not the answer.
-
The MGA recently secured capacity to write HNW homes in California.
-
Auto and homeowners’ insurance will see effects from the tariffs.
-
Shift to growth includes all geographies in which the company does business.
-
Admitted insurer withdrawals and rising demand are pushing more entrants into E&S.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
Four cat modelers have also submitted their tech for regulatory review.
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Wows will offer coverage tailored to high-value properties, written on non-admitted paper.
-
The commissioner said in a legal bulletin that smoke claims can’t be “summarily denied”.
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Insurers and distributors must adapt or risk irrelevance.
-
Hippo estimated its pre-tax cat loss from the LA wildfires at $42mn.
-
As of February 14, the company received 405 claims.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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The carrier is only going to write new business on E&S paper, sources said.
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Florida House speaker Daniel Perez is seeking an investigation into the charge.
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Customers will keep their agent relationship and policies will not be impacted.
-
Underwriting profits for casualty-exposed insurers show signs of struggle as loss costs worsen.
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Under the new guidelines, the carrier is requiring more distance from the brush.
-
The carrier has also received 11,750 fire-related claims so far this year.
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This is the second acquisition Amwins has announced this year.
-
The company is seeking an emergency rate increase after the devastating Los Angeles wildfires.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
Former PRS president Ana Robic was promoted to regional president.
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Comments came as universal reported a 4.2 CoR jump to 107.9% in Q4.
-
State Farm General has asked California regulators for an emergency rate increase.
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Technology is key to streamlining the value chain and mitigating loss ratios.
-
The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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The policies represent approximately $35mn of in-force premium.
-
Slide lined up Morgan Stanley, Barclays and JP Morgan as lead bookrunners.
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The MGA will have a broad casualty-focused appetite with Lloyd’s capacity backing.
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Berkshire Hathaway’s "float" rose to $171bn in 2024 from $169bn in 2023 as Buffett praised Geico’s Todd Combs.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
-
January cat losses continue to run higher than prior years, with no help from latest wildfires.
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Sources said California regulators need to show they’re receptive to private insurer needs.
-
The carrier said 72% of those losses occurred in personal property.
-
The investment firm’s holdings were down to $59mn at the end of Q4.
-
The insurer is seeking a 22% interim raise, but the request is currently on hold.
-
Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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Commissioner Lara calls the 10 bills a ‘comprehensive legislative package.’
-
The insurance commissioner said the carrier has not shown the need for price increases.
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Private agencies forecast median Ebitda margins of 22% for 2025, with top performers expecting 28.5%.
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The bill seeks prompt claims payments and settlements, and greater transparency.
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Casualty reserve concerns continue to mount as releases remain elevated.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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A report from the reinsurance broker said fast rate approvals are key to stabilizing the California marketplace.
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The NFIP’s strategy is to use "short-term borrowings" to meet what could be $10bn in claims.
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The decision allows a $4bn settlement, threatened by insurer claims, to proceed.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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Insureds often just want cover in place at the lowest price possible, and insurers oblige under the skeptical eye of regulators.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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The state is building an insurer of last resort from scratch, taking notes from California.
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Democrats pushed back during the hearing, urging rules to encourage mitigation.
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The carrier has not added new business in the state since 2007.
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The carrier has been reducing its presence in the state since 2007.
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RenRe gave the highest anticipated market loss of $50bn.
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The company says the recent wildfires will be the costliest in its history.
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The new Floridian carrier plans to write homeowners’ insurance in Q1.
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The company’s reinsurance business also has some exposure, the executive said.
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The carrier strengthened its GL reserves by $130mn in Q4.
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Included are tweaks to state premises liability law and reforms to trial procedure.
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Commissioner Lara said 31,000 claims have been filed for disaster-related needs.
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The NFIP and NOAA were both targets in the Project 2025 crosshairs.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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Legal experts say the bill, SB 222, stands a good chance of becoming law.
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The carrier is restructuring the business into three segments.
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The company received over 10,100 home and auto claims as of January 27.
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The bill would put new restrictions on bad faith claims, close loopholes.
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The homeowners’ carrier has secured Floir approval.
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Loss estimates for the disaster from the likes of KCC, Verisk and Moody’s RMS now range between $28bn and $40bn.
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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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The laws mandating payments were enacted after devastating fires in 2018.
